Malaysiakini News

SE Asia stocks: Most fall; S'pore hits 1.5 year low

Reuters  |  Published:  |  Modified:

Most Southeast Asian stock markets ended lower on Tuesday, with Singapore hitting a one-and-a-half year low and Philippines extending losses to a fifth session amid fears of further escalation in the US-Sino trade war.

Singapore stocks fell 0.4 percent, marking their lowest close since late February 2017, with industrial conglomerate Jardine Matheson Holdings Ltd and lender DBS Group Holdings shedding about 0.3 percent each.

The Philippine stock index fell 1 percent to 7,492.4, its lowest close since Aug 20 after data showed the country's trade deficit widened in July.

JG Summit closed 4.8 percent lower while Ayala Corp slipped more than two percent.

"These are the after effects of higher-than-expected inflation and some concerns of contagion from emerging markets on the currency," said Fio De Jesus, an analyst at Manila-based RCBC Securities.

The index has lost nearly 5 percent in the last five sessions after data released on Wednesday showed the country's annual inflation rate for August was the highest in nearly a decade.

Meanwhile, escalating US-Sino trade tensions also weighed on investor sentiment, with MSCI's broadest index of Asia-Pacific shares outside Japan extending its decline to an eighth session.

Thai shares ended 1.1 percent lower with gas supplier PTT Public Co and Airports of Thailand falling about three percent each.

The Vietnamese index rose for a third straight session and ended 1.5 percent higher. Insurance provider Baoviet Holdings jumped 6.9 percent.

Indonesia and Malaysia were closed for local holidays.

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